Number crunching: June 2012

Single-family home prices showed a significant increase in June 2012 compared to the same time last year, according to the Honolulu Board of Realtors (HBR). The median sales price was $620,000 last month, a 10.2 percent increase over June 2011.

Other statistics for June 2012:

• The number of single-family homes sold also increased by 12.5 percent over last year, with 279 units sold.
• Condo sales didn’t fare as strongly as single-family homes. Sales went from 354 units sold in June 2011 to 342 units sold in June 2012, showing a 3.4 percent decrease.
• The median price for condos sold in June 2012 was $297,000, which is a 1.3 percent decrease compared to June 2011.
• According to the Days on Market indicator, sales for single-family homes were accepted at a slower pace last month compared to a year ago, with single-family properties listing for 35 days; condominiums were accepted in a shorter amount of time, listing for just 30 days.

“We’re optimistic about the remainder of the summer thanks to dramatic increases in pending sales for both condo and single-family homes,” says HBR President Joe Paikai.

This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months. For more information, visit www.HICentral.com.